Two fireboats, one from Tacoma Fire Department and one from Anderson Island, were dispatched to the scene, off the northwest tip of McNeil Island, at about 6:40 p.m. Saturday.
Initial reports were that two people had fallen into the water after a 14-foot skiff capsized.
The two fireboats conducted a parallel search, and after about 10 minutes they found one of the victims in the water, clinging to the capsized skiff.
That person was pulled from the water and taken to shore.
The second person from the skiff was able to swim to shore and was found safe on the beach, fire officials said.
Both victims are expected to be OK.